Everyone mentions Nike, but no one says Garmin. Perhaps it's just my background, but I see the influx of phone and phone-connected solutions as eating Garmin's lunch. Their solutions (including wearables) still probably have the edge in precision and battery life ... but Fitbit and the upward growth of pedometers is disruption for them.
True + they're competing against Nike. In fitness. That's a tough big competitor with a lot of resources.